Two men held for illegal currency exchange

By Our Correspondent

January 25, 2024

The Federal Investigation Agency’s (FIA) Commercial Banking Circle Karachi has arrested two suspects of a gang involved in illegal currency exchange and seized foreign currency worth millions of rupees.

This representational image shows the hands of an incarcerated person. — AFP/File

Officials said on Wednesday that on the directions of FIA Karachi Zone Director Zaeem Iqbal Sheikh, two men were arrested in a raid in Clifton. The action was taken under the supervision of deputy Director Commercial Banking Circle Karachi Ali Murad.

The suspects have been identified as Mohammad Baqir and Mohammad Farooq from whose possession $45,000 have been seized. The two were allegedly running their business without any licence and they could not satisfy the authorities regarding the seized currency. Raids are being conducted to arrest the other suspects.